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<Research>CMBI Upgrades XPeng (XPEV.US) to Buy, Adds TP to US$16
Recommend 6 Positive 14 Negative 3 |
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XPENG-W (09868.HK) (XPEV.US) has recently launched two new models, Mona M03 and XPeng P7+, both of which have been successful, according to a report issued by CMBI. As their attractive pricing and clear positioning have lifted the likelihood of success for the four new models to be launched next year, the full-year sales forecast for next year has been accordingly raised by 26% to 390,000 units, with new models expected to account for 75%. CMBI emphasized that the assumption of XPeng breaking even by 2026 was based on sales growth. The current forecast for 2026 sales is approximately 490,000 units, with a GPM projected to reach 15.3% and an annual net profit forecast of RMB103 million. CMBI upgraded the company's rating from Hold to Buy and raised its target price for the company's US shares from US$8 to US$16, equivalent to a forecasted P/S ratio of 1.5 times for next year, higher than its peers. The broker considered the valuation multiple reasonable because the company is expected to achieve breakeven by 2026. AAStocks Financial News |
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